Ensuring your Income Protection keeps pace with your salary

27/08/2018

According to the 2018 Taylor Root Private Practice Salary Report, lawyers working in Private Practice can expect salary increases of between 10 – 20% as you progress through the ranks.

As your income increases, so do your financial committments. It’s important that your Income Protection keeps pace and having a policy that allows this flexibility is vital.

Check the Guaranteed Future Insurability option on your policy and ask the following:

– In which events can you increase your cover (official promotion only or any annual salary increase)?
– By how much and how often can you increase your insured amount?

Ideally, you would be able to do this once per year and not necessarily be restricted to doing so at a certain time of the year.

You should be able to increase your monthly benefit by as high as 15% without the need to provide medical evidence.

This can be vitally important because if you fall behind and need to apply for an increase in the traditional manner, you will be subjected to providing medical evidence which can be restrictive.

Data from the 2018 Taylor Root Private Practice Salary Report

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